Avison Young：2025年第四季度美国数据中心地产市场报告：租赁与资本市场趋势（英文版）（21页）.pdf

1、Page 1U.S.data center update|Q4 2025U.S.data center updateLeasing and Capital Markets trendsQ4 2025Page 2U.S.data center update|Q4 2025Note:Inventory includes U.S.primary and secondary markets.Source:DatacenterHawk23.7 GW1.3 GW0510152025302016201720182019202020212022202320242025ExistingUnder constru

2、ctionColocation inventory by quarter(GW)Colocation inventory rose 8.8%in Q4 2025,closing the year at 23.7 gigawatts(GW),equating to a 33%year-over-year(YoY)increase in existing inventory.Following a minor decrease in new development in the first half of 2025,the second half recorded a notable uptick

3、 in new development,finishing Q4 2025 with 1.3 GW of new power actively under construction.InventoryPage 3U.S.data center update|Q4 2025Colocation inventory of largest U.S.markets(MW)Markets with largest quarter-to-date(QTD)inventory increases(MW)2.57 GW2.79 GW6.00 GW01,0002,0003,0004,0005,0006,0007

4、,000Salt Lake CityPortlandRenoAustinRichmondNorthern CaliforniaColumbusChicagoPhoenixAtlantaDallas-Fort WorthNorthern VirginiaIn Q4 2025,Chicago led all U.S.markets in new deliveries,commissioning 326 megawatts(MW)of new power,with Atlanta close behind at 298 MW.On a percentage basis,the Pittsburgh

5、market recorded a 100.3%increase the only market of the quarter to record triple-digit inventory growth.Northern Virginia remains the standout leader in total existing inventory,while 2025 marked a record-breaking year of inventory growth across U.S.markets.Richmond continued to benefit from demand

6、spilling over from Northern Virginia,delivering 848 MW of new commissioned power after beginning the year as a sparsely developed market.Note:Includes facilities that have delivered or have a committed tenant.Source:DatacenterHawk272 MW298 MW326 MW050100150200250300350MinneapolisHoustonPortlandPitts